DOOR SASH GO.

Medicine Gases

Loning Doads

Lonver Doors & Blinds

sth & Cypress Sts., Oakland-TEmplebar 84OO

Approximately 11150,000 Families

Acquired Homes in 194O

Chicago, August l.-Between January I, 1940, and June l, 194L, approximately 1,150,0@ families in the United States secured themselves against rent rises in the changed national economy of the '4O's by acquiring homes of their own. This is the estimate of the home building and home owning committee of the United States Savings and Loan League which takes into consideration the new one-family homes built, the approximate number of those newly purchased in the period, and one-half of the residential units created by the building of two-family homes.

Fermor S. Cannon, Indianapolis, chairman of the League committee, points out that these far-seeing families have obtained for themselves fixed shelter charges averaging between $25 and $30 a month for the next twelve to fifteen years. This monthly payment covers interest on the financing of the newly bought home, systematic reduction of the principal amount of the loan, and provision for taxes and, hazard insurance in advance. In view of the fact that all home loans provided by savings, building and loan associations are made on a monthly amortized basis and those made by agencies which insure the bulk of their loans with the FHA now also follow this original savings and loan pattern it is assumed that the great majority of those acquiring homes in the last year and a half have them on the monthly repayment plan.

A significant step-up in one-family home production was already under way as a result of a combination of circumstances when the international situation took a turn for the worse in May a year ago and brought the United States square up against the necessity of going into a defense economy, Mr. Cannon said.

"From May, 194O, the threat of the rising cost of living became more and more apparent to the general public so that the acquisition of homes increased its momentum," he recalled. "The rush to avoid normal rises in shelter costs will undoubtedly continue to be reflected in increased home building until such time as the defense program calls for a cessation of some of this activity, a condition which is now expected. After that rve will see an even larger rush to buy existing houses."

Mr. Cannon pointed out that approximately 42 per cent of the savings and loan money being lent today goes for home purchase and about 32 per cent for loans to home builders. Since these institutions provide approximately a third of the home financing in the country today it is assumed that a cross section of the purposes for which they lend is typical of the entire field.

In regard to the increasing demand for purchase of homes he pointed out that the properties owned by the associations since sometime in the 1930's have become many a person's security against rising shelter costs in the last several months. During the year 194O, a typical group of associations disposed of 20 per cent of the real estate which they had owned at the beginning of the year and private owners acquired more than 2O per cent of the real estate owned by savings and loan associations in l5 states during 1940.

A most cttractive home oI lrame which was selected from the "Modern Low Cost Homes" book, issued by the E. M. Dernier Service Burecu, 3443 Fourth Avenue, Los Angeles, Ccrlifornicr, whose plcnning senrice is under the direct supervision oI Wm. E. Chcrdwick, Registered Structurcl Engineer.

The welcoming entry with coat closet, the well crrcnged interior where each room bocsts oI cr generous qmount oI lighting areq <rs well as the many conveniences incorporcted, all plcy their pcrrt in mcrking this home worthy oI specicl attention